Stephen Miran, a Federal Reserve governor whose term ends at the end of January, said Thursday that he is looking for 150 basis points of interest-rate cuts this year to boost the U.S. labor market. Miran told Bloomberg Television's Surveillance program that Fed officials had room to further reduce rates given his view that underlying inflation was likely running at 2.3%. "I'm looking for about a point and a half of cuts. A lot of that is driven by my view of inflation," Miran said. "Underlying inflation is running within noise of our target, and that's a good indication of where overall...
Gold edges higher in early Asian trade amid signs of U.S. economic weakness which typically enhance the safe-haven allure of the precious metal. The University of Michigan survey's headline index fell to 50.3 in November, from 53.6 last month, based on preliminary November responses. Analysts polled by The Wall Street Journal were expecting a milder decline in the index, to 53. Gold is likely to remain in demand as a safe haven and consequently stabilize at its current level, Commerzbank Research's commodity analysts say in a recent research report. Spot gold is 0.2% higher at...
Oil steadied after posting two weekly declines, as traders weighed concerns about a looming global glut and the fallout from US sanctions against Russian producers at the start of a data-heavy week. Brent traded above $63 a barrel after shedding more than 2% last week, while the West Texas Intermediate was below $60. Traders are concerned that global crude supplies are poised to run ahead of demand, with market outlooks due this week from OPEC as well as the International Energy Agency. US sanctions remain in focus after the Trump administration targeted Rosneft PJSC and...
Crude prices recovered from a midday dip on Friday on hopes Hungary can use Russian crude oil as U.S. President Donald Trump met Hungary's Prime Minister Viktor Orban at the White House. Brent crude futures settled at $63.63 a barrel, up 25 cents or 0.39%. U.S. West Texas Intermediate crude finished at $59.75 a barrel, up 32 cents, or 0.54%. Both benchmarks are poised to register weekly declines of around 2% as leading global producers raise output. "We're sort of watching that Trump meeting with Orban to see if some deal comes out that eases sanctions on Lukoil and Rosneft," said John...
Expectations that the Federal Reserve (The Fed) will cut interest rates have increased the appeal of gold, as yields on fixed-income assets (such as bonds) have become lower. The US dollar has weakened, making dollar-priced gold cheaper for holders of other currencies, boosting demand. Global geopolitical and economic uncertainty (e.g., conflict, trade, inflation) has driven investors to safe-haven assets like gold. 1. Expectations of an Interest Rate Cut by the Federal Reserve (Fed) Economic data in the US has shown weakness (such as rising jobless claims, weakening manufacturing),...
The dollar fell due to disappointing US jobs data, with layoffs reaching more than 150,000 in October, the highest in over 20 years. Another factor: the market is now considering the possibility that the Federal Reserve (the Fed) could cut interest rates near the end of the year as US economic growth begins to slow. Furthermore, the partial US government shutdown has exacerbated uncertainty around official economic data, making investors less confident in the dollar as a safe-haven asset. The USD continues to experience pressure due to a combination of factors, including slowing US...
Bank of Japan (BOJ) Governor Kazuo Ueda stated that achieving 2% inflation is getting closer, although real inflation remains low. Ueda emphasized that the BOJ will continue to raise interest rates...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...